Dear Reader,
Today's overview of economic news and market action
- There was a cautious tone to sentiment on both sides of the Atlantic yesterday …
- Currency-wise, the main FX pairs were range bound yesterday…
- Of the limited moves to note, sterling was holding a firmer tone …
- However, sterling has been under pressure in early trading this morning …
- This is on the back of UK CPI inflation printing below the consensus in September …
- Meanwhile, EUR/USD remains below the $1.09 threshold …
- The remainder of today’s data calendar is relatively sparse …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0876 |
|
-0.14 |
-1.45 |
| EUR/GBP |
0.8371 |
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0.30 |
-3.43 |
| GBP/USD |
1.2994 |
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-0.43 |
2.08 |
| GBP/EUR |
1.1945 |
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-0.30 |
3.55 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Budget 2025
Budget 2025 is set against exceptional budget surpluses. The starting point is a nearly €24bn surplus in 2024, including windfall proceeds from Apple Judgement of €14bn this year. The budget surplus is forecast to be €23.7bn in 2024 (7.5% of GNI*), and €9.7bn in 2025 (2.9% of GNI*). However, excluding windfall receipts, the Government will run significant deficits in the coming years
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AIB Ireland Manufacturing PMI® - September
Irish manufacturers experienced another decline in new work during September, driven by the fastest fall in export sales for five months. Subdued customer demand led to a renewed decline in production volumes and cutbacks to staffing numbers.
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AIB Ireland Services PMI® - September
Irish services activity increased at the strongest rate in six months in September as cost pressures eased, the latest AIB PMI® survey data showed. Growth of both new business and employment moderated, coming in slightly below their long-run trends, but outstanding work increased solidly and the 12-month outlook rebounded since August.
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